Car dealership business Automotive Holdings Group Ltd (ASX: AHG) released its half year financial report to investors on Friday, showing a 2.4% decrease in profit.
Automotive Holdings Group Ltd is one of the country’s biggest car dealership companies.
Here are some of the highlights compared to last year:
- Group revenue up 7.49% to $2.87 billion
- Operating day to day trading, or EBITDA, down 1.4% to $88.8 million (What does EBITDA mean?)
- Operating profit down 4.2% to $40.7 million
- Dividend maintained at 9.5 cents per share
The company’s managing director John McConnell said the business’ automotive division delivered increased momentum through the half year even as the industry continued to trade in a challenging environment due to the lower margins available from the sale of finance and insurance products.
He said “Our Franchised Automotive dealerships are benefiting from our restructuring and cost management measures, and from continued demand for new vehicles. While there has been pressure on margins we have adjusted our processes and costs to the new environment“.
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